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A Refresher in Financial Accounting by Faisal Sheikh

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CHAPTER 5

The Corporation

A corporation is a legal entity which means that it is a separate and distinct entity from its owners namely the stockholders (In some U.S. states, stockholders are called shareholders). A corporation is regarded as a legal “person” with majority of the rights and obligations of a real person. However, a corporation is not allowed to hold public office or vote, but it does pay income taxes. It may be recognized as a profit making or nonprofit making organization and may be publicly or privately held. The stock of a quoted or listed company such as Coca Cola is traded on a stock exchange namely NYSE. Stock of a privately held company is not traded on an exchange, and there are usually only a small number of stockholders ...

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